Page 31 - Life Insurance Today June 2015 SAMPLE
P. 31
Circular
Insurance Regulatory and Development
Authority of India (Transfer of Equity Shares of
Insurance Companies) Regulations, 2015
F.No. IRDA/Reg/3/93/2015 - In exercise of the powers (e) "Indian promoter" means a person defined as
conferred by section 114A read with Section 6A of the "Indian Promoter" in the Insurance Regulatory
Insurane Act, 1938(4 of 1938) and with section 26 of the and Development Authority (Registration of
Insurance Regulatory and Development Authority Act, Indian Insurance Companies) Regulations, 2000;
1999 (41 of 1999), the Authority, in consultation with the
Insurance Advisory Committee, hereby makes the (f) "Investor" means a person who is otherwise
following regulations, namely:- eligible to invest in the equity shares of insurance
companies and includes a foreign investor as
CHAPTER - I defined in Indian Insurance Companies (Foreign
Investment) Rules, 2015;
1. Short title and commencement - (1) These regulation
may be called Insurance Regulatory and Development (g) All words and expressions used herein and not
Authority of India (Transfer of Equity Shares of defined in but defined in the Insurance Act, 1938
Insurance Companies) Regulations, 2015. (2) They (4 of 1938)or in the Insurance Regulatory and
shall come into force on the date of their publication Development Authority Act, 1999 (41 of 1999),
in the Official Gazette. shall have the meanings respectively assigned to
them in those Acts.
2. Definitions - In these regulations, unless the context
otherwise requires, - CHAPTER II : Transfer of Shares
(a) "Act" means the Insurance Act.1038 (4 of 1938); Registration of Transfer:
1. No registration of transfer of shares or issue of equity
(b) "Authority" means the Insurance Regulatory and
Development Authority of India established capital of an insurance company which would result in
under sub-section (1) of section 3 of the Insurance change in the shareholding shall be made, where
Regulatory and Development Authority Act,
1999 (41 of 1999). a. After the transfer, the total paid up holding of the
transferee in the share of the insurance company
(c) "Transfer of Shares" includes transfer of shares is likely to exceed five percent of its paid up
from existing shareholder to another person and capital, or
includes transmission and fresh issuance of the
equity shares which lead to change in the b. The nominal value of the shares intended to the
shareholding pattern of an insurance company. transferred by any individual, firm, group,
constituents of a group, or body corporate under
(d) "Shareholding Pattern" means the shareholding the same management, jointly or severally
pattern which was approved by the Authority at exceeds one percent of the paid up equity capital
the time of grant of certificate of registration or of the insurance company., unless the previous
at any subsequent time; approval of the "Authority has been obtained for
the said transfer.
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